Treasury: 5.6M hires qualify for new tax break

[FredK]

Businesses have hired 5.6 million workers under a new program that provides tax breaks for hiring unemployed workers, the Treasury Department said Monday.

The report, however, does not estimate how many of those jobs would have been added without the tax break.

President Barack Obama signed a law in March that exempts businesses hiring people who have been unemployed for at least 60 days from paying the 6.2 percent Social Security payroll tax through December. Employers get an additional $1,000 credit if new workers stay on the job a full year.

Treasury released a report Monday estimating that from February through June, businesses hired 5.6 million workers who qualify for the tax breaks. That's up from the 4.5 million workers who were hired under the program through May.

http://news.yahoo.com/s/ap/20100802/...ing_tax_credit

Another program that appears to be working.

[Scooter]

http://news.yahoo.com/s/ap/20100802/...ing_tax_credit

Another program that appears to be working.

You did not catch, in your quote that they do not know how many of those jobs would have been added without the tax break? I will give you a hint, likely all of them.

As an employer, $1000 is not enough incentive to get me to hire an employee. For my employees, and they are very basic skill employees, that is about a week and a half worth of pay. Obviously this was incentive designed by someone that never ran a business.